Network Security, Vulnerability Management

SWIFT bank system involved in hack into Turkey’s third largest bank

The third largest bank in Turkey was hit with another assault exploiting the SWIFT money transfer system, according to a Reuters report.

A spokesperson at the nation's Akbank said no customer data had been compromised, although the bank will have to pay up to $4 million in undisclosed costs.

How much money, if any, was stolen from the bank also was not disclosed. The bank is not revealing much information other than that it had been targeted in a SWIFT attack on Dec. 8 and had put preventive measures in place. Additionally, it stated that it had notified authorities, claimed its systems were operational and that there was no loss to customers, the Reuters report stated.

For its part, SWIFT, a Belgium-based cooperative owned by banks and responsible for trillions of dollars in daily fund transfers, said it had "no indication that our network and core messaging services have been compromised."

However, cybercriminals are gaining entry to bank networks by exploiting technical support software. Once attackers gain access, they communicate with victims sending phony payment instructions via the SWIFT network.

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